Lecture 1

Question 1

3 fundamentals of contemporary marketing

Answer 1

1. Situation Analysis (3C’s)
2. Market Strategy (STP)
3. Market Tactics/Mix (4P’s)

Question 2

2 Importance functions in Business

Answer 2

1. Marketing

2. Innovation

Question 3

4 Company orientation towards market place concepts

Answer 3

1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept

Question 4

2 Customer needs types

Answer 4

Functional or Emotional

Question 5

Marketing Myopia

Answer 5

Not really knowing the needs of customers, and thus not accurately assessing who potential competitors may be

Question 6

Four Forms of Customer Value

Answer 6

1. Price Value
2. Performance Value
3. Emotional Value
4. Relational Value

Question 7

Lifetime value of customer formula

Answer 7

.

Question 8

Goal-Gradient Hypothesis is similar to

Answer 8

Endowed Progress